7 Low-Cost Ways to Increase
the Value of Your Home
If you recently closed on a home, then selling
is probably the last thing on your mind. And yet, one day
in the distant or not-so-distant future, it will be time to
say goodbye again and you'll be scrambling for ideas on how
to yield the greatest profit when you re-sell. Why wait? Smart
homeowners think with the long term in mind.
Your new home will appreciate at a minimum
of 5% per year (potentially more) even if you make no improvements.
But imagine reaping that 5% per year of the original price
you paid, PLUS an additional 10 or even 15 thousand more,
just for keeping your home in good condition and making small,
low-cost improvements.
Some ideas on how to increase the value
of your home, for house flippers or for people who simply
want to add "curb appeal."
1. Plant fruit trees.
Fruit-bearing trees will increase your property
value not only for the delicious and healthy fruit they produce,
but because they lend aesthetic appeal when they blossom in
the spring. Mature trees shade your yard and home, reducing
the temperature by as much as 10 degrees. Ideally, fruit trees
should be planted in the fall, as this gives the root system
a chance to develop. When you buy a new house, why not make
it a family tradition to plant a fruit tree that first autumn,
as a ceremonious gesture that will lend value to your property
over time?
2. Spring for professional landscaping.
According to the Gallup organization, professional
landscaping can increase your home's value anywhere from 7
to 15%. Although it may be tempting to try and save money
by doing it yourself, tackling the entire front and back can
be an overwhelming task. Bushes and other plants that looked
neat and compact the first spring you planted them can quickly
crowd each other out, grow too close to your home and actually
make your property less appealing to prospective buyers. And
if you're in a hurry to sell, all the more reason to hire
a landscaping expert. A study conducted by the American Landscaping
Association revealed that landscaping can accelerate the sale
of your home by five to six weeks.
3. Add a fresh coat of paint.
Fresh paint will brighten up the interior
of your home, get rid of any stains or spots on the walls
and ceilings, and also eliminate any odors which may have
permeated. Choose light, neutral colors such as white, beige,
or eggshell, that will coordinate with most any decor. If
you decorated your children's rooms in bright colors, paint
over these as well, as the bright colors can be a turnoff
to a potential buyer without kids. If certain rooms of your
home are wallpapered, remove any outdated or especially busy
patterns, as well as any wallpaper which has yellowed or is
peeling away. Also take the time to tear down wall borders.
In the process of repainting your home, you will also be forced
to de-clutter, which is always a good thing.
4. Power-wash the driveway, roof, siding
and patio.
Power washers are highly economical because
the amount of time, energy and water you would expend cleaning
by hand is greatly reduced thanks to the cleaning power of
this machine. They cost anywhere between $25 and $200 and
the process involves a day or two of work to clean one area.
This is a small investment compared to the profit you can
potentially lose out on a home that appears grungy, dirty,
and unappealing to potential buyers. Inspect all areas of
your home that can use a good pressure-washing such as the
roof, driveway, patio, concrete walkways, and siding. You
can also rent a pressure washer for under $100 per four hours.
5. Clean stained carpets; replace rugs that
are old, frayed or worn.
It's difficult for many potential home buyers
to envision what your home would look like with the old, musty
carpets torn out, or without that tacky '70s shag in the spare
bedroom that you've been meaning to get rid of but never bothered.
Don't leave it up to the buyer to replace worn or dirty carpet.
If you do, you'll be waiting a long time for a buyer. If your
rugs just needs a good freshening up, clear the area of all
furniture and other objects and use a steam cleaner to remove
stains and odors. If your rug is mostly in good shape but
maybe shows a few small stains, apply an oxygenating stain
remover such as OxyClean to the affected areas.
6. Spruce up the front entranceway of your
home.
The front entranceway of your home is the
first thing that an interested prospect will see, and not
just from the road but up-close when he enters your home.
If your front door is of the basic steel variety, you can
paint or faux-finish it to add sophistication. Start with
a layer of primer, give it a base coat, and then if you want
to really get fancy you can go for a stain. Is the door lacking
a strong, sturdy lock? Replace an old, flimsy front door lock
with a heavy, solid piece of hardware that offers better protection
and makes a bold statement about the quality of your home.
Revive the charm of your colonial home's front porch with
a fresh coat of paint, a couple of antique rocking chairs
and flowering plants in hanging baskets.
7. Waterproof, de-mold and de-humidify your
basement.
A moldy, wet basement can decrease your
home's value by as much as 15%! If you're looking to maximize
the value of your home, it pays to have the basement waterproofed
and treated for mold and mildew. A potential buyer can envision
the basement as an extra room in the house for working, entertaining,
and even sleeping if conditions are right. Do some research
and comparison-shop for basement waterproofing services in
your area. You can also be proactive about preventing mold
growth in your basement by running fans and dehumidifiers,
and raising the temperature of your basement.
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NJ?
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